There are a lot of things that can happen to you financially that make it difficult for you to make monthly mortgage payments on your Chandler home. If you think that you will be unable to stay current on your payments, then you might want to ask your lender to consider a short sale. A short sale is basically where a Chandler lender agrees to accept a sale value that is less than the balance owed on the property’s loan. In some cases, a lender can be convinced that this is a better alternative for them to take than to run the risk of home foreclosure, which, in addition to affecting your own credit, is also an expensive process for a bank. In the long run, they might end up losing more money if your Chandler home is foreclosed because if you default on your whole mortgage, foreclosure would be a much greater loss and headache for them than to just agree to let you sell your home at a reasonable loss.
If you are interested in getting a short sale, you should call your Chandler lender immediately and try to explain the situation with as much detail as possible. Be sure to stress the events in your life that recently made you unable to afford the mortgage you took out years ago. Many lenders will be surprisingly humane about this because everyone understands that the financial climate is very difficult right now and that it would have been overly cautious, if not impossible, to have predicted your current economic hardship when you first took out the mortgage. If you are really organized about your presentation and honest about how much you think you will be able to pay in the near future, then there will be a greater chance that a short sale will be considered the best option for your situation.